Vancouver, British Columbia -- July 13, 2012 -- AsiaBaseMetals Inc. (the "Company") (TSX-V: ABZ) is pleased to announce that it has completed the previously announced non-brokered private placement of 333,334 flow-through common shares at a price of $0.15 per share, raising gross proceeds of C$50,000. The shares are subject to a four month hold period that expires on November 12, 2012.
The proceeds of the private placement will be used to fund exploration work on the Company's property in British Columbia known as the "Gnome Property".
Raj Chowdhry, President and Chief Executive Officer and a director of the Company, acquired securities under the private placement. His participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. The purchase is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of any shares issued to him or the consideration paid exceeded 25% of the Company's market capitalization.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of proceeds from the private placement, constitutes "forward-looking statements" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that results of the Company's exploration activities will be consistent with management's expectations and that the Company will be able to obtain any required government or other regulatory approvals. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to AsiaBaseMetals' operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management and delays in obtaining or inability to obtain required government or other regulatory approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. AsiaBaseMetals does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES